Jonathan Golub, Credit Suisse’s chief U.S. equity strategist, believes cyclical stocks will lead the market to new highs in the rest of the year on the back of earnings upside and optimism on the economic reopening.
“Rising rates — a benefit to Financials — and copper and oil prices — a boon for Industrials, Energy, and Materials — further augment this favorable backdrop,” Golub said in a note Tuesday.
Credit Suisse upped its S&P 500 year-end target to 4,300 from 4,200 previously. The new forecast represents a 11.5% rally from here.
Reference: CNBC
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